Orezone Gold Corporation
TSX VENTURE : ORE

Orezone Gold Corporation

April 12, 2017 14:07 ET

Orezone Further Expands Higher Grade Zone at Bombore

Highlights include 21 meters at 2.0 gpt and 12.2 meters at 3.6 gpt

OTTAWA, ONTARIO--(Marketwired - April 12, 2017) - Orezone Gold Corporation (TSX VENTURE:ORE) is pleased to announce further positive results from an ongoing drill program at its Bomboré Gold Project in Burkina Faso. The program is currently focused on expanding the P17S sulphide zone that is hosted in a shallowly plunging granodiorite intrusive situated 2 km south of the Bomboré mining permit. The initial resources at P17S were defined by shallow drilling to a depth of 60m. The results from a 62-hole drill program completed in 2016 (see press release January 17, 2017) extended the deposit to a depth of 100 m. Drilling resumed in mid-February with the completion of an additional 40 reverse circulation (RC) and core holes. The further step-out holes with pending assay results have intersected mineralized granodiorite to a vertical depth of 150 m and indicate a down-plunge continuity of the zone to over 350 m. The positive drill results from these additional 102 holes will result in an expansion of the initial resource. Furthermore, the deposit remains open at depth and to the north where the drilling program continues.

Highlights of the new P17S drill results include:

Section Hole ID Type From
m
To
m
Length
m
Au
gpt
Depth
m
42875 TYD0061 DD 116.00 118.30 2.30 5.04 110
DD 126.00 138.25 12.25 3.61 125
42850 TYD0059 DD 148.00 157.00 9.00 2.61 115
DD 159.50 163.40 3.90 3.76 121
42825 TYD0057 DD 130.00 133.75 3.75 3.39 101
42787.5 TYD0071 DD 80.50 94.40 13.90 1.76 78
42775 TYD0055 DD 51.00 64.00 13.00 2.38 44
TYD0062 DD 111.00 115.25 4.25 3.02 84
42750 TYD0054 DD 25.00 32.50 7.50 1.77 22
DD 80.35 85.40 5.05 4.33 63
TYD0063 DD 97.30 103.90 6.60 2.81 76
42737.5 TYC0161 RC 28.00 33.00 5.00 2.30 24
TYC0160 RC 19.00 32.00 13.00 1.77 20
TYD0069 DD 77.70 81.65 3.95 7.13 62
DD 99.00 104.00 5.00 2.37 78
42712.5 TYC0163 RC 3.00 24.00 21.00 2.01 11
TYC0162 RC 21.00 25.00 4.00 2.84 18
TYD0068 DD 81.30 92.20 10.90 1.95 66
42687.5 TYD0067 DD 71.20 77.00 5.80 3.07 56
42675 TYD0051 DD 57.00 63.00 6.00 2.29 47
42662.5 TYD0066 DD 52.90 60.25 7.35 2.30 43

"These results continue to demonstrate the significant exploration potential at Bomboré," stated Ron Little, CEO for Orezone. "The expansion of the higher grade sulphide zones at Bomboré, such as P17S with an average grade of +2 gpt, will improve the economics (at current gold prices) of a potential Phase II sulphide plant expansion by mining and processing this higher grade material in the initial years to ensure a faster pay back of the expansion capital. Further studies of a Bomboré Phase II sulphide expansion, will focus only on a portion of the total Bomboré resources, which is the fresh rock (sulphide) Measured and Indicated resource of 71 Mt at 0.97 for 2.2 Moz (see release January 10, 2017) as well any expansion thereof as a result the current drill program. The well studied 2.2 Moz sulphide resource and the P17S zone are both amenable to standard milling and carbon in leach (CIL) recovery processes."

The Company has completed more than 8,000 m of auger, RC and core drilling during the first quarter and is planning an additional 15,000 m of drilling in Q2 2017.

All assays were performed using a 1kg bottle roll technique (identical to the other Bomboré samples); leach residue assays are pending for 19 holes, including the last 9 core holes drilled at P17S. A complete list of historical drill results on P17S and analytical procedures can be found on the company's website at www.orezone.com.

About Orezone Gold Corporation

Orezone is a Canadian company with a successful gold discovery track record and recent mine development experience in Burkina Faso, West Africa. The Company owns a 90% interest in Bomboré, the largest and fully permitted, undeveloped oxide gold deposit in West Africa, which is situated 85 km east of the capital city, adjacent to an international highway. The Company is continuing with exploration drilling and various technical studies in order to be in a position to complete an updated feasibility study during H1 2017.

Tim Miller, SME and COO, Pascal Marquis, Geo and SVP and Ron Little, PEng and CEO of Orezone, are Qualified Persons under National Instrument 43-101 and have approved the information in this release. Readers should refer to the annual information form of Orezone for the year ended December 31, 2016 and other continuous disclosure documents filed by Orezone since January 1, 2017 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; the positive drill results from these additional 102 holes will result in an expansion of the initial resource, completing an updated feasibility study at Bomboré during H1 2017, and completing 15,000 m of additional drilling during Q2 2017.

Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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